China Construction Bank Singapore Branch (the "Branch") assisted the Housing & Development Board ("HDB") of Singapore in its issuance of a 5-year, S$1.2 billion fixed-rate green bond under its S$32 billion multi-currency medium-term note program on October 18, 2022, as one of the joint lead managers and joint bookrunners.

The notes have been rated “AAA” by Fitch Ratings and have a coupon rate of 4.09% per annum.  Net proceeds will be used to finance or refinance eligible green projects under HDB’s Project Category of Green Buildings listed under its Green Finance Framework.

The HDB was established in 1960 as Singapore's public housing authority, responsible for the planning and development of Singapore's housing estates. It was rated AAA by Fitch in 2020, which is the same as Singapore's sovereign rating. 80% of Singapore's population lives in HDB-constructed housing, of which about 90% have the ownership to the flats.

This was the first time that the Branch participated in HDB’s green bond issuance, in response to CCB Group’s call for promoting the development of green finance. Leveraging its strong capabilities and track record in investment banking, CCB Singapore will continue to seek cooperation with HDB and other institutions in Singapore and support in green finance projects.